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2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

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International Banks Regulations – Section 44 (Statutory Instruments 97/2000 and 34/2001)

Statutory Instrument 97/2000 .. in force 15 May 2000

Amended by S.I. 34/2001 .. in force 15 April 2000

ARRANGEMENT OF REGULATIONS

1.	Citation
2.	Interpretation
3.	Application for licence
4.	Licence
5.	Notice of Change
6.	Notice of Revocation
7.	Fees
8.	Deposits and investment
Schedule 1
Schedule 2

Commencement [15 April,2000]

International Banks Regulations – Section 44 (Statutory Instruments 97/2000 and 34/2001)

PART 1 PRELIMINARY

2. Interpretation

PART 2 LICENCES

3. Requirement for licence

4. Application and grant of licence

5. Registered office and registered agent

6. Notification of change of particulars

7. Categories of licences

9. Refusal to grant licence

10. Limitation on activities

(Substituted by Act 14 of 2022)

12. Surrender of licence

13. Limitation on transfer issue or disposal

PART 4 ADMINISTRATION

14. Use of word “bank”

15. Audited accounts for licensee

16. Certain prohibitions on licensee

17. Number of directors

18. Duties of Director

20. Powers of Minister

21. Order for winding-up

PART 5 RECEIVERSHIP, LIQUIDATION AND REORGANISATION

22. Voluntary liquidation

23. Cessation of business operations

24. Notices to depositors of voluntary liquidation

25. Rights of depositors and creditors in voluntary liquidation

26. Distribution of assets

27. Insufficiency of assets in discharge of obligations in voluntary liquidation

28. Appointment of receiver

29. Notice of appointment of receiver

30. Proceedings to revoke receiver's appointment

31. Period of obligation to commence proceedings

32. Compulsory liquidation or reorganisation proceedings

33. Powers of the Court

34. Powers of receiver or liquidator

35. Term extensions, attachments and voidable transfer of assets

36. Execution against assets of a licensee

37. Reorganisation proceedings

38. Reorganisation provisions

39. Petition for modification of reorganisation

40. Preferential and other claims

41. Unclaimed funds

42. Shareholders' rights on remaining assets

43. Safe deposits and unclaimed property

44. Conclusion of liquidation

PART 6 ABANDONED PROPERTY

45. Abandoned property

46. Report, publication and disposal of abandoned property

47. Sale and handling of proceeds of abandoned property

48. Claims on abandoned property

PART 7 MISCELLANEOUS

54. Non-application of Banking Act and Exchange Control ACT

55. Consolidated Fund

56. Regulations

SUBSIDIARY LEGISLATION

2. Interpretation

3. Application for licence

5. Notice of Change

6. Notice of Revocation

8. Deposits and investment

PART 1 APPLICANT DETAILS

PART 2 ADDITIONAL INFORMATION

PART 3 APPLICANT MANAGEMENT

PART 4 DETAILS OF CORPORATE STRUCTURE OF WHICH APPLICANT FORMS PART

PART 5 APPLICANT ADMINISTRATION EXPERIENCE (WHERE APPLICABLE)

PART 6 REGULATORY RELATIONSHIPS

PART 7 STATUTORY DECLARATION – TO BE COMPLETED BY SHAREHOLDERS, DIRECTORS AND SENIOR MANAGEMENT PERSONNEL